Looking to expand.
In brief:
- The private credit package will allow SumUp “to refinance existing debt, as well as have firepower to take advantage of any opportunities that arise over the next six months,” SumUp Chief Financial Officer Hermione Tomic told Bloomberg News.
- SumUp is looking to expand on the 4 million businesses already using its services, which include point-of-sale (POS) card readers, cash advance through a partnership with VPC in the United Kingdom and tap-to-pay on iPhone for customers in the U.K., France and the Netherlands.
- Late last year, SumUp raised $307 million to expand its footprint and launch new services in a funding round. The news followed a report that the company was hoping to raise $1.1 billion from private credit lenders.
What does this mean?
SumUp has seen success from serving the micro-and-nano merchant sector, where in many cases those businesses are run by a sole proprietor. The company has been adding POS hardware and issuing to complement its core card reading business, co-founder Marc-Alexander Christ told PYMNTS in an interview last year. “Merchants are realizing that there is much more technology out there that they can embrace to help them run their businesses,” Christ said at the time.
